International Swaps and Derivatives Association, Inc.
One New Change
London, EC4M 9QQ
Telephone: 44 (20) 7330 3550
Facsimile: 44 (20) 7330 3555
NEW YORK • LONDON • SINGAPORE • TOKYO
Incorporated as a Non-For-Profit Corporation with limited liability in the State of New York, United States of America
COMMISSION ACTION PLAN ON EUROPEAN CONTRACT LAW
The International Swaps and Derivatives Association (ISDA) welcomes the opportunity to comment on the
Commission's Communication of 12 February 2003 to the European Parliament and the Council "A More Coherent
European Contract Law: An Action Plan".
ISDA is the global trade association representing leading participants in the private negotiated derivatives industry,
a business that includes interest rate, currency, commodity, credit, and equity swaps, as well as related products
such as caps, collars, floors, and swaptions. ISDA was chartered in 1985 and today numbers over 600 member
institutions from 46 countries on six continents. These members include most of the world's major institutions who
deal in, and leading end-users of, privately negotiated derivatives as well as associated service providers and
Enhancing legal certainty for cross-border financial transactions is one of ISDA's key missions. A considerable
proportion of the resources of ISDA and its members are devoted to acquiring legal opinions from a wide range of
jurisdictions on netting and collateral arrangements, and related issues, as well as promoting law reform and
participating in consultations on legislative and regulatory developments affecting the financial markets. To the
extent that the measures proposed in the Action Plan strengthen legal certainty for cross-border privately negotiated
derivatives transactions, then clearly ISDA would support them.
We note, however, that